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“Shark Tank” star Kevin O’Leary told Fox Business on Thursday that he would never buy a Bitcoin ETF.
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He said paying the fee was “absolutely unnecessary” and already owned the tokens.
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However, he welcomed the ETF's approval as a meaningful step in improving U.S. cryptocurrency regulation.
The Spot Bitcoin ETF may be a milestone for the U.S. crypto industry, but “Shark Tank” star Kevin O’Leary doesn’t see much point in joining the frenzy.
This is because ETF issuers collect fees, but some companies offer temporary exemptions.
“If you're a purist and you're just holding Bitcoin for the long term as digital gold like I am, I would never buy an ETF,” he told FOX Business on Thursday. “Why should I pay these fees? It's totally unnecessary and doesn't add any value to me.”
Meanwhile, he sees little chance that all 11 Bitcoin ETFs approved by the SEC on Wednesday will “survive.”
Instead, he expects two or three people to emerge from the crowd, echoing Galaxy Digital CEO Mike Novogratz's prediction.
“I definitely think the big companies like Fidelity and BlackRock are going to end up on top because they have massive distribution power,” O'Leary said.
Despite his personal skepticism about investing in new ETFs, he still believes regulatory approval is a meaningful step in moving the crypto industry forward.
O’Leary also hopes that ETFs could encourage lawmakers to consider digital payment systems such as the dollar-pegged stablecoin USDC.
“We have this important opportunity right now, which is great. But it's still early. It's only the first inning,” he said.
Meanwhile, O'Leary said in a separate CoinDesk interview that the price of Bitcoin could triple by 2030, reaching between $150,000 and $250,000.
But he said Cathie Wood's bullish claim that Bitcoin would reach $1.5 million by 2030 would only come true if there was an economic catastrophe.
“For Bitcoin to rise to that price so quickly would mean that the U.S. economy has slumped in some way,” he said. “No, I cannot agree to that price.”
Read the original article on Business Insider
